Note: All figures refer to the first half of fiscal year 2016 (i.e. six months ended December 31, 2015) unless otherwise noted. Comparisons of Consolidated Statements of Profit or Loss are to the first half of fiscal 2015 (i.e. six months ended December 31, 2014). Comparisons of Consolidated Statements of Financial Position are to June 30, 2015 unless otherwise noted. While the Company reports results in US Dollars, it transacts the majority of its business in New Zealand dollars. To assist in understanding the underlying economic trends of the business, the presentation below reports results both in USD in conformity with IFRS, and on a "constant currency" basis that removes the significant impact of volatility in the average USD/NZD foreign currency exchange rates during the reporting period (0.6627) by using prior period rates (0.8094) on current period results.

Financial Highlights:

Revenue was $420.2 million, a decrease of 22%. Gross profit of $109.4 million declined by 17%, however gross profit margin increased to 26%, a 150 basis point expansion. Operating expenses were $96.1 million, a 13% decline. Operating profit was $13.6 million, or 3% of revenue, a decline of 39%. Net profit was $2.5 million, or $0.023 per share, down 80%. Net loss attributable to shareholders was $3.8 million, or $(0.035) per share.

During the reporting period, the average US dollar/New Zealand dollar exchange rate appreciated by 22%. The following "constant currency" analysis reports results as if the USD/NZD exchange rate was unchanged during the period. This pro forma analysis does not conform to IFRS, and is offered strictly to aid in understanding the factors driving the Company's results.

On a "constant currency" basis, revenue was $511.6 million, a decrease of 5%. Gross profit of $133.1 million increased by 1%, gross profit margin increased to 26%, a 150 basis point expansion. Operating expenses were $115.8 million, a 5% increase. Operating profit was $17.6 million, or 3% of revenue, a decline of 21%. Net profit was $4.9 million, or $0.044 per share, down 61%. Net loss attributable to shareholders was $2.9 million, or $(0.026) per share on a "constant currency" basis.

The table below summarizes the impact of exchange rate changes on consolidated results.

H1
FY2016

H1
FY2015

Y/Y Change

Constant Currency

Y/Y Change

Proportion
of Change
Due to F/X

Revenue

$

420.2

$

538.9

(22

%)

$

511.6

(5

%)

77

%

Gross Profit

$

109.4

$

131.8

(17

%)

$

133.1

1

%

106

%

Gross Margin

26

%

24.5

%

+150 bps

26

%

+150 bps

-

Operating Expenses

$

96.1

$

109.9

(13

%)

$

115.8

5

%

143

%

Operating Profit

$

13.6

$

22.2

(39

%)

$

17.6

(21

%)

46

%

Net Profit

$

2.5

$

12.6

(80

%)

$

4.9

(61

%)

23

%

Balance sheet changes during the period were mixed. Cash increased by approximately $7.7 million, mostly impacted by an inventory decline of $22.8 million, payables increase of $28.6 million, and debt increase of $53.1 million. The major offsetting use of cash was receivables and prepayments, which were up $79.2 million, and non-current assets, mainly in equity accounted investees, which were up $19.3 million. Balance sheet items were not materially affected by exchange rates, since the point measurements of the USD/NZD foreign currency rates were relatively unchanged between the start and end of the period.

Mr. Alan Lai, Agria's Executive Chairman, commented, "Our first half results are modestly disappointing, but not necessarily surprising, given the challenges faced by the global agriculture industry. An exceptionally strong El Niño weather pattern -- the most extreme in 70 years -- is wreaking havoc for growers around the world. Volatility in the foreign exchange markets is doing equal damage, impacting commodity prices and making trade and business planning more difficult for farmers. Those macro factors as well as lower dairy impacted results in the half."

Business Highlights:

Seed and GrainOperating profit of $6.8 million was 24% of the group total before corporate overhead, and was down 34%. Revenue was $118.3 million, which constituted 28% of group revenue, and was down 25%. On a constant currency basis, revenue of $142.8 million was down 9%, and operating profit of $8.3 million was 19% lower. Lower revenue was primarily driven by soft conditions in South America as wet weather and falling soybean prices impacted demand. Softness in South America was somewhat offset by strong trading conditions in New Zealand, where demand is increasing for the Company's premium forage and crop seeds.

Crop Protection, Nutrients, and MerchandiseOperating profit of $16.7 million was 59% of the group total before corporate overhead, and was down 15%. Revenue was $207.1 million, which constituted 49% of group revenue, and was down 19%. On a constant currency basis, revenue of $252.9 million was down only 1%, and operating profit of $20.4 million was 4% higher. The slightly lower revenue reflected cautious spending by New Zealand farmers, as they react to lower dairy prices. Despite sluggish spending, sales of horticultural products were strong, as were sales of the Company's Fruitfed products.

Rural ServicesOperating profit of $4.8 million was 17% of the group total before corporate overhead, and was down 28%. Revenue was $94.9 million, which constituted 23% of group revenue, and was down 25%. On a constant currency basis, revenue of $115.9 million was down 8%, while operating profit of $5.8 million was 12% lower. Results were most impacted by mixed trends in in livestock: domestic beef and sheep volumes were higher, but sheep prices were down and live cattle export activity was soft. Revenue and operating profit from other rural services were down slightly.

Mr. Lai concluded, "We remain optimistic about the prospects for our business. At the highest level, both absolute demand for food and changing composition of diets will cause agricultural industry growth for decades to come. We are also cautiously optimistic that the recently concluded Trans Pacific Partnership can open up new markets for our New Zealand and Australian farmer customers. Finally, we can see internally the traction from our multi-year restructuring efforts. We have rebuilt Agria to be a resilient industry leader, able to manage profitably in tough periods such as today, and thrive when weather and market conditions are better."

About Agria CorporationAgria (NYSE: GRO) is a global agricultural company with three principal business segments: Seed and Grain; Crop Protection, Nutrients and Merchandise; and Rural Services. The Seed and Grain segment is engaged in research and development, production and sale of a broad range of seed products and trading of seed and grain products globally. The Crop Protection, Nutrients and Merchandise segment operates an extensive chain of retail stores that supply farm input materials. The Rural Services segment provides livestock trading, wool trading, irrigation and pumping, real estate agency and other agriservices. For more information about Agria Corporation, please visit www.agriacorp.com.

Safe Harbor Statement:
This announcement contains forward-looking statements. These statements, including the management's commentary, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Agria may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Agria's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in Agria's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this announcement unless otherwise stated and Agria does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

(UNAUDITED)

(In conformity with IFRS as issued by the IASB)

For the six months ended December 31,

2015

2014

US$'000

US$'000

Revenue

420,212

538,940

Cost of sales

(310,822

)

(407,104

)

Gross profit

109,390

131,836

Other income

257

272

Operating expenses

(96,051

)

(109,877

)

Operating profit

13,596

22,231

Equity accounted (loss) earnings of associates

(162

)

129

Non-operating items

(924

)

903

Fair value adjustments

265

228

Profit before interest and income tax

12,775

23,491

Net interest and finance costs

(5,886

)

(3,968

)

Profit before income tax

6,889

19,523

Income tax

(4,365

)

(6,934

)

Profit for the period

2,524

12,589

Attributable to:

Equity holders of the Company

(3,832

)

3,211

Non-controlling interests

6,356

9,378

2,524

12,589

Earnings/(loss) per ordinary share (US$)

Basic

(0.035

)

0.03

Diluted

(0.035

)

0.03

No. of ordinary shares outstanding

110,766,600

110,766,600

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(UNAUDITED)

(In conformity with IFRS as issued by the IASB)

As at
December 31,

As at
June 30,

2015

2015

US$'000

US$'000

ASSETS

Current assets:

Cash and cash equivalents

17,589

9,886

Accounts receivable, prepayments and other current assets

269,139

189,938

Inventories and biological assets

157,833

180,644

Total current assets

444,561

380,468

Non-current assets:

Property, plant and equipment, net

94,562

88,993

Intangible assets

7,056

6,899

Goodwill

3,105

3,299

Other non-current assets

24,645

10,846

Deferred tax assets

8,360

8,386

Total non-current assets

137,728

118,423

Total assets

582,289

498,891

LIABILITIES AND EQUITY

Current liabilities:

Short-term bank borrowings and current portion of long-term bank borrowings

77,205

54,160

Accounts payable, accrued expenses and other liabilities

232,962

201,310

Total current liabilities

310,167

255,470

Non-current liabilities:

Long-term bank borrowing, net of current portion

90,795

60,785

Other long-term liabilities

17,320

15,118

Total non-current liabilities

108,115

75,903

Total liabilities

418,282

331,373

Equity:

Equity of the Company

49,754

56,602

Non-controlling interests

114,253

110,916

Total equity

164,007

167,518

Total liabilities and equity

582,289

498,891

Statement Regarding Unaudited Financial Information

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is completed on our year-end financial statements, which could result in significant differences from this unaudited financial information.